It is always good to think “out of the box”, as the saying goes, especially when it comes to the second source of income.
One of the options that you might be looking for is joining this new(ish) company called Freebay.
Their website looks great, and it seems that this company will transform your life for good.
But is it so?
Or is Freebay a Scam?
In this article, you are going to find out what is this Freebay MLM all about, how it started, and whether to invest in it or not.
Please note, I am not a member or an affiliate for Freebay. This review is based on research and information available online in the public domain.
Any recommendations and conclusions are only opinions and may not apply to all persons or situations.
Price to Join: $50 – 480€ per month (about $59 to $570)
Recommended: No. This is probably a new Pyramid Scheme.
I recommend Affiliate Marketing. Check the Pros and Cons of both business models (Affiliate Marketing vs. MLM).
Update January 2022
Company is no more available. The website www.freebay.ch doesn’t exist anymore.
There is a redirect to another company called FB-universe.
A short reserach shows that it has nothing do to with the original company called Freebay.
At least for now.
It is safe to assume that Freebay has been shut down, as we predicted in the following article, written in October, 2020.
We have decided to keep this article on, despite the fact the Freebay doesn’t exist anymore.
The reason is, there are many other companies that are very similiar to Freebay with same patterns.
Once you know how to recognize such a pyrami scheme, you are much more safer and the chacnes that you fall for such a scam is lower.
Freebay is a new company based in Switzerland that deals with its own cryptocurrency. A person can make an investment and buy Freebay’s digital currency, called V999.
Apparently, Freebay is your “express lane to success”.
The problem with this company is that it is only a rehash of the former Ponzi Scheme called Karatbard.
Karatbard has collapsed at the beginning of 2020 and a few months later the same people founded Freebay (in the summer of 2020).
Freebay also operates as an MLM, or to be precise, a Pyramid Scheme where money can be made only by recruiting.
Stay away from Pyramid Schemes. There are many legal ways how to generate consistent income.
I personally prefer Affiliate Marketing and if you want to learn more about this method, check the link below.
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What is Freebie
Freebay is an MLM (Multi-Level Marketing) company that works in the cryptocurrency market.
That means that you can buy a certain amount of cryptocurrency and you are told that this “investment” is going to the financial market.
You are promised residual lifelong income.
OK let’s slow down for a moment.
It is important to mention that Freebie is just a rehash of a company called Karatbars founded in 2011.
Karatbard started as a pyramid scheme and it eventually becomes an outright Ponzi scheme that did collapse at the beginning of 2020.
Soon after Freebay was “founded”.
Within the Freebay (as well as it was done in Karatbard company), the only way how to make money is to find a person who enrolls in Freebay and purchase some of the “products”.
You get your cut and this goes down on and on.
Is Freebay a Pyramid Scheme?
Let’s not just jump to the conclusion here.
Freebay is a still pretty new company and there is no evidence that it is a pyramid scheme.
Or is there?
Let’s break it down a bit. It is essential to understand what their claims are:
A prospect is told to invest a certain amount of Euros. This will be converted into a cryptocurrency which BTW is made by the very same company. This digital currency is called V999 and practical, it is useless.
On top of that, they claim that whoever joins, will transform his or her life and become financially independent.
The “products” Freebay offers, teach how to recruit and how to “grow the team”.
In other words, they teach how to convince your downline to expand and recruit others.
Now, let me share with you the typical signs of the pyramid scheme:
I believe you are aware of how pyramid schemes work, right?
And these MLM/pyramid schemes dealing online with cryptocurrencies work even faster than the traditional MLMs like for example Young Living.
That means that they can collapse much earlier than traditional MLMs/Pyramid schemes.
How Does Freebay work?
Recently dealing with cryptocurrencies within the MLM business model is getting trendy.
It is said that everyone can join and make eventually make a profit. These are all empty promises.
As of this writing, Freebay is only a few months old, but it is a reboot of Karatbars.
With that being said, it is safe to assume that Freebay won’t be any different.
It was possible to “invest” money with Karatbars into their currency called KaraGold Coin,
KaratBars was founded in 2011 by a former vacuum cleaner salesman, Harald Seiz. Here is a short video where he talks about the future developments of Karatbars:
He also promised to make a big difference in the world financial system using his digital currency called KaraGold.
The only thing that was done, this company artificially increase the price of this digital currency. After the coin peaks, he sells, and the price collapse.
Back in 2019, regulators in Netherland, Canada, and Namibia issued a warning where it stated that Karatbars is a pyramid scheme.
The Moral of the Story?
The same people who used to run the Karatbars are running the Freebay.
The name of the cryptocurrency is V999.
It is a matter of time until Freebay collapse.
Just out of a curiosity let’s check this new pyramid scheme a bit further:
How to Join the Freebay
You need to have a sponsor in order to sign up.
With his/her user name and ID you can register and you need to enter your email address.
Next, you provide them with your personal information such as Full name, Birthday address zip code (postal code), and telephone number.
After that you get to the Dashboard with the following steps:
- Order your Package (The cheapest product costs 50€, approximately $59)
- Upload your KYC docs now (KYC stands for Know Your Customer).
Basically, you need to provide them with your ID card or valid passport, as well as a physically mailed utility bill, VAT document, and so on.
After you get:
- Prepaid Mastercard (to receive your commissions)
- Gold – Auto purchase to save in gold
- Fast starts – Call to Action
They have other packages available and the more expensive you buy, the more you can earn (in theory).
What is the Price of the Packages?
Here is the breakdown of the products and how much they cost.
It is possible to join Freebay for free, but you won’t get any MLM commissions.
If you want to be eligible for the commission, you have to pick up one of the following packages:
EVO Academy – 50€ per month, or 480€ per year
EVO Expert – 190€ per month, or 1820€ per year
EVO Life – 480€ per month, or 4600€ per year
So it can be pretty expensive.
These are not real products, though.
These are just memberships themselves, in other words, this is what makes Freebay a pyramid scheme.
No products – the only way how to make money is by selling the membership.
Freebay Compensation Plan
If you ever considered joining any MLM company, you know that their compensation plan is pretty complicated and it is made on purpose.
Freebay is not that different, but here is a brief breakdown for you, together with the commission each level makes:
- One Star Sapphire – 7% Commission rate
- Two Star Sapphire – 15% Commission rate
- Three Star Sapphire – 21% Commission rate
- One Star Emerald – 23% Commission rate
- Two Star Emerald – 25% Commission rate
- Three Star Emerald – 26% Commission rate
- One Star Ruby – 27% Commission rate
- Two Star Ruby – 28% Commission rate
- Three Star Ruby – 29% Commission rate
- One Star Diamond – 30% Commission rate
- Two Star Diamond – 31% Commission rate
- Three Star Diamond – 32% Commission rate
These are recruitment commissions that one makes on recruited membership fees.
There are also other ways how to “make money” with Freebay. To mentioned a few.
- V999 token investment rewards – this means that anyone who invests in the V999 token gets a daily share of 0.02% of funds invested in Freebay.
This is valid also for the downline, down to 10 levels.
- Extra Bonuses
- Daily Investor Bonus
- Matching Bonus
- Generation Bonus
What are the Legit Ways to Make Money Online
There are many ways how one can start generating some income online.
Basically, there are 3 categories.
- Survey sites where it is relatively easy to make some bucks but the earning potential is very low.
- You can find a freelance job. Check the platforms I recommend, but still, you only exchange your time for money.
- The most challenging is to start with your own business. by business I mean, your website.
Let’s elaborate on the 3rd point a bit.
Imagine a person owning a website who has learned how to drive free traffic.
He created the content, and within 14 to 18 months he makes $3,000+ per month.
This is a scalable business model since he can take a few hundred of the income and hire a person to create the content for him.
This will free up at least 5 to 6 hours a day and he can use this time to either invest in something else or spend quality time with family.
This is the business model I prefer.
And here it comes the shameless plug:
This is a review of the platform where I did learn how to generate 4 figures online.
I am not saying that is easy but at least:
- I don’t deal with customer support, products, suppliers – nothing of that sort
- I can work from any place I want (assuming there is an internet connection:) )
- I work as much as I want (or I don’t want)
Let’s check the pros and cons and we can wrap up this review.
What I like about Freebay
- Their website looks nice, but that is pretty much it.
What I don’t like Freebay
- This is a Pyramid scheme, and it is a matter of time when Freebay collapses.
- It is a rehashed Ponzi scheme that already collapsed, with pretty much the same founders
Is Freebay a Scam?
Yes, Freebay is an outright scam.
To be precise it is a pyramid scheme and I don’t recommend it to anyone.
Please stay away from it.
A few more words…
People want to invest in something new that will bring revenue in a short period of time. Or at least they hope for it.
And I understand that it might be tempting.
But is essential to understand that Freebay is not much different from other MLM companies that operate within the cryptocurrency market.
The combination of MLM and cryptocurrency means only one thing – being involved in Pyramid Scheme.
Is this something that you want to do?
I don’t think you would, and it is a good thing that you are doing this research.
And don’t just take my word for it.
Do more research but I can assure you that only people who will glorify Freebay are those who want to recruit you.
Sure you will be told that you can only buy a course and the recruitment is optional. Well, just hold on for a few days/weeks…
It makes sense that the emphasis is on recruitment.
Where the money would come from?
Only from the newbies.
How about you?
Do you have any experience with similar products or MLMs?
Or what do you think about Freebay?
With all that has covered, would you “invest” your money into this Freebay thing?
Let me know what you think in the comment section below.
I would be more than happy to provide you with the feedback – hopefully within a day 🙂
thank you for reading,
How to Get Started with Affiliate Marketing Business?
I have been a member of Wealthy Affiliate since late 2017 without prior marketing experience.
Beginning of 2018 I have learned how to build a website that drives traffic and makes sales.
Since the summer of 2019, I am a full-time internet marketer and I work from anywhere I want, whenever I want.
Training within Wealthy Affiliate teaches how to generate a consistent income in the long run.
14 thoughts on “Is Freebay A Scam?”
Can you not buy small denominations of gold to be saved and stored safely and free in a swiss vault on freebay, without getting involved in the ponzi side of it or purchasing any packages>
Stay away from Freebay.
If you want to invest, I suggest finding a legitimate company with a history.
You can even ask your local bank about some investment opportunities.
But be aware that every investment is risky and you don’t want to invest more than you can afford to lose.
I personally decided to invest in education:
– I have learned how to create a website and how to monetize it.
It is understandable that it is probably not for everyone but starting an online business is one of the best options there is today.
Hello there! Thank you very much for dropping this awesome review. I particularly like reviews because it prevents us from falling into scams or programs that are not legit so I really appreciate your effort in coming forth to drop this review on Freebay. I’m glad to know through your article that freebay actually is a scam/
I’m sure it is something I would NOT get myself involved in.
I personally do not like pyramid schemes and seeing that freebay is like this made me lose interest in it already. Thank you very much for this review
You are welcome.
I am glad you find the article helpful.
Yes, Freebay is just a new sort of pyramid scheme that is out there and it highly recommended to stay away from it.
If you have any further questions, let me know
Thank you for the detailed course here. I really appreciate this here and it makes so much sense to see here with us all. To be honest, I think this may prove to be the simple most important information about this monat. Though I never knew they are on the frrebay domain now, I would rather kill myself than register for them. Thank you for the information hete
Hope you are OK.
And thanks a lot for your comment.
Let’s see what is going to happen with Freebay? I keep an eye on it 🙂
Investing into online businesses is a very good and productive thing if you’re able to get the right choices of opportunities, but when it comes to offers like MLM modeled businesses, o don’t go for it because it is always difficulties to make a substance amount of money from them, just like this Freebay MLM business.
Yes, you are right.
It makes no sense to get involved with the MLM companies.
On top of that, there are these cryptocurrency/MLM platforms offering big returns. One only has to pay the entrance fee which ranges from a couple of bucks to several thousand.
just like Freebay.
Pay your money – this will convert into a cryptocurrency, which BTW does not have any value, whatsoever.
And you can’t exchange it back to a standard currency (Whether $ or €)
Once people will stop paying for the membership, this entire structure will collapse.
And the founders? They most likely will move on and create a new Pyramid scheme, with an even fancier website.
Thanks a lot for your comment
I have heard of Freebay and from what I have gathered, Freebay is an MLM (Multi-Level Marketing) company that works in the cryptocurrency market. Firstly it’s an MLM and that is scary, to say the least. MLM means making sales and that is something people don’t take to kindly nowadays. Secondly, it deals with cryptocurrencies. With the crackdown by various governments on cryptos, it is again difficult to access where the market will be in the future. Thirdly, it is an expensive scheme. And that is a hurdle to success.
Thanks for the review.
Thank you for your comment.
I am glad we are on the same page here.
It is true that Freebay is a new pyramid scheme that will eventually crash.
I hope more people will realize that so they won’t lose their savings.
Have a good one
Hi there, thank you so much for sharing this information for us. I just dirrectly jump to the part of what you like and don’t like about freebay and I found that you mentioned it is a pyramide scheme platform. In my opinion, right after I saw that pyramid word, I know that it is MLM and scam. That’s what I have in my opinion. I never like MLM business.
This is exactly right. Freebay is just one of many cryptocurrency pyramid schemes out there.
Thanks a lot for your comment
Hello Mike, thank you for sharing this article about Freeby. Now that I’ve read your article and learnt all I need to know about free any, I know to avoid the platform as is my policy or strategy with any MLM platform or company as I have a general distrust towards them unlike with affiliate marketing
You are welcome.
Thank you for your thoughts.
Freebay is one of many new platforms (soon-to-be ponzi schemes) that is batter to keep away from.